new press release from the Irish credit unions 'what's left tracker' (scary reading)

Ghandee

Jesus, according to the latest report from the credit union 'what's left tracker' makes for scary reading.

Results Of The Final ILCU 2012 'What’s Left' Tracker

Media Release: 17 January 2013

61% of respondents say they have €100 or less left at the end of the month once essential bills are paid

1.59 million left with €50 or less at the end of the month once the essential bills have been paid.

56% of the adult population believe that the worst is yet to come in terms of financial hardship this year

€50 left over after essential bills are paid was applicable to nearly 1 6 million:eek:
I hope food/heating etc have been counted as 'essential' bills in this report, but even if they have that's roughly €12.50 a week spare cash for a treat/saving/unforseen circumstances.


Puts the various new taxes being introduced, and raising existing ones into perspective.

Sadly our govt are so out of touch with the reality of some of it's hard pressed citizens that it's not even funny.

Puts their salaries and 'entitlements' into perspective alright.

http://www.creditunion.ie/communications/news/2013/title,7127,en.php

markesmith

Storm the Bastille!

Death and Taxes

Ghandee wrote: »

Jesus, according to the latest report from the credit union 'what's left tracker' makes for scary reading.



€50 left over after essential bills are paid was applicable to nearly 1 6 million:eek:
I hope food/heating etc have been counted as 'essential' bills in this report, but even if they have that's roughly €12.50 a week spare cash for a treat/saving/unforseen circumstances.


Puts the various new taxes being introduced, and raising existing ones into perspective.

Sadly our govt are so out of touch with the reality of some of it's hard pressed citizens that it's not even funny.

Puts their salaries and 'entitlements' into perspective alright.

http://www.creditunion.ie/communications/news/2013/title,7127,en.php

Food etc is included but still leaves no real room for manouver for most families, one unexpected expense and they are fcuked!

Valetta

I don't give much credence to these types of surveys.

What is the sample size of people questioned?

Over what geographical area was the survey carried out?

Have they taken into account the probability of people naturally giving negative responses to these kind of surveys? Who ever answers "everything is fine and I have enough money left over", of which I am sure there are plenty.

Everyone loves to moan and will do at any given opportunity, regardless of the truth.

CreepingDeath

Credit unions are more popular with people on lower incomes, so obviously the results will be skewed.

I didn't think they had 1.6 million members... they probably have 1.6 million accounts, but that's not the same.

The results would be even more skewed if the "Penny Bank" type clubs made a survey of the financial health of their members.

JimsAlterEgo

I wonder do the bills include Sky and high mobile smart phone tariffs, amazing amount of people who claim they are broke who still got a new Iphone and has a sky sports and movies subscription.

Ghandee

Valetta wrote: »

I don't give much credence to these types of surveys.

What is the sample size of people questioned?

Over what geographical area was the survey carried out?

Have they taken into account the probability of people naturally giving negative responses to these kind of surveys? Who ever answers "everything is fine and I have enough money left over", of which I am sure there are plenty.

Everyone loves to moan and will do at any given opportunity, regardless of the truth.

Surely you'd trust a govt produced survey/statistic?

They'd surely never lie to us :rolleyes:

SEPT 23 1989

We have turned a corner:rolleyes:

Sir Digby Chicken Caesar

people consider all sorts of unnecessary **** as "essentials"

BizzyC

How many of those are housholds that use Credit Union as their primary bank account?

I'd say a fair chunk is people who pay their bills out of that account and transfer money to cover it from another one.

seamus

Valetta wrote: »

I don't give much credence to these types of surveys.

What is the sample size of people questioned?

Over what geographical area was the survey carried out?

Also,

- Where did the sample population come from? Credit Union members are typically in lower socio-economic classes

- What are "essential bills"? If each respondent was allowed to define this term for themselves, then the survey is meaningless

Chips Lovell

CreepingDeath wrote: »

Credit unions are more popular with people on lower incomes, so obviously the results will be skewed.

They don't include methodolgy notes on this release (and they really should) but on previous editions of the survey they did. It wasn't a poll of credit union members, it was a sample of the adult population. For example, this was noted on the July release:

The survey was conducted by Market Research Company iReach during the period of June 2012 using the iReach Consumer Decisions Research Panel which delivered 1,000 responses from adults in Ireland aged 18+ to 65+ and is nationally representative by Age, Region, Gender and Social Class. This research has a confidence level of 95% and confidence interval of 4%.

davet82

JimsAlterEgo wrote: »

I wonder do the bills include Sky and high mobile smart phone tariffs, amazing amount of people who claim they are broke who still got a new Iphone and has a sky sports and movies subscription.

smokers too, i can't afford to feed the kids but i can still spend €70 a week on killing myself never ceases amazing me...


(i quit smoking this week hence the bitterness)

mickydoomsux

People who actually have/earn decent money don't use credit unions what with them being a bit crap.

Also, as someone else pointed out, people will always put on the poor mouth when surveyed about stuff like this.

This survey is completely unbelievable.

kasper

the government will not be happy until they squeeze that last 50 euro off them

Dravokivich

"1.59 million left with €50 or less at the end of the month once the essential bills have been paid."

Is that per paycheck or based on the number of dependent people within a household?

Say for example the breadwinner brings in 1800, after tax, but bills and food leaves 200. 4 people in the house mean it's 50 per person, but the household itself has 200.

Captain Chaos

mickydoomsux wrote: »

People who actually have/earn decent money don't use credit unions what with them being a bit crap.

I use the Credit Union for savings as I can get a loan quicker, easier, higher amounts and at lower interest rates than my bank. Also I get better interest rates on my account per year than my bank so that's why I use them.

Only use a bank for a current account, anything else is too much hassle.

Shenshen

Captain Chaos wrote: »

I use the Credit Union for savings as I can get a loan quicker, easier, higher amounts and at lower interest rates than my bank. Also I get better interest rates on my account per year than my bank so that's why I use them.

Only use a bank for a current account, anything else is too much hassle.

Exactly.

I've never had a need for any loans (excluding our mortgage), as my salary is more than sufficient to cover my expenses, so the quick access to loans isn't an incentive to me.
As a result, I keep my money with the bank rather than a credit union.

So if this survey was done on people who have accounts in credit unions, it's a survey of the part of the population who find it harder to have their incomes cover their outgoings.

Captain Chaos

Shenshen wrote: »

Exactly.

I've never had a need for any loans (excluding our mortgage), as my salary is more than sufficient to cover my expenses, so the quick access to loans isn't an incentive to me.
As a result, I keep my money with the bank rather than a credit union.
.

So, you have never needed a car loan?

Well for some. I'd be on the average blue collar wage bracket in this country and need loans for cars. I only have 50-80 at the end of the week myself.

Shenshen

Captain Chaos wrote: »

So, you have never needed a car loan?

Well for some. I'd be on the average blue collar wage bracket in this country and need loans for cars. I only have 50-80 at the end of the week myself.

Nope, paid just over €1500 for my last car, out of my savings.

I don't make all that much, a quarter less than average income actually as I found out recently. I just find it cheaper to save up to pay for bigger expenses rather than getting loans...

Rhinocharge

Ghandee wrote: »

Sadly our govt are so out of touch with the reality of some of it's hard pressed citizens that it's not even funny.

Puts their salaries and 'entitlements' into perspective alright.

They know the reality, they just don't care.
You, I & everyone else are just a number. :mad:

Doc Ruby

Shenshen wrote: »

Nope, paid just over €1500 for my last car, out of my savings.

I don't make all that much, a quarter less than average income actually as I found out recently. I just find it cheaper to save up to pay for bigger expenses rather than getting loans...

That's how to do it.

the groutch

I never believe these reports, because alot of those will be people who are still living like it's 2006 and refuse to make cutbacks on luxuries.

donegal_road

3 more budgets to go where they have to make €3.5 billion in cuts each time. I wont be hanging around

Valetta

donegal_road wrote: »

3 more budgets to go. I wont be hanging around..

There's a budget every year, so a lot more than three to go.

Also, I would be fairly sure they will have budgets wherever you go.

copeyhagen

i use (work) credit union for loans and savings only. reading the comments on ehre i now feel like a low earning peasant.

Shenshen

the groutch wrote: »

I never believe these reports, because alot of those will be people who are still living like it's 2006 and refuse to make cutbacks on luxuries.

I don't like blaming people, to be honest. It's always easy to point fingers, but I've made the experience that a lot of people simply have never learned how to be thrifty and how to safe money.
They are often not even aware of the difference between a necessity and a luxury. If you have to learn that all by yourself it's a very, very painful process I would imagine.

I wished there were some decent education programs on how to handle money, how to shop around, how to tell what you need and what you don't, because despite what people thing it's not really always that obvious to everyone.

That's why I take the figure provided here with a grain of salt... what is an "essential bill"?
Electricity, gas and oil? If so, did people actually shop around for a good deal, or are they just paying whatever the company they are with demands? Do they read their meters or are they paying estimates?

Phone bill? Do they have a landline? Do they need it? Are they on pay as you go or bill pay? (Pay as you go, personally, I've never spent more than €15 - €20 a month, so bill pay would be outrageous in my case).

Internet? There are tons of providers out there, again, shopping around is advisable. The cheapest deal is not always the best deal, as those tend to burn you if you go over an agreed download rate. You need to know what you actually need.

TV? The only fixed cost there is the license fee, everything else varies widely.

Food? Where do they shop, what do they buy? And how much of it do they throw out because it sat in the fridge till it's gone off?
Don't do weekly shops, do bi-weekly or even more often. That's an easy way to make sure you're not buying way too much.
Also, don't shop when you're hungry. That's what my gran taught me.

It all sounds common sense, but if you've never been told and shown how to do it, it's hard enough I'd imagine.

Lando Griffin

After reading this I am going straight down the Credit Union and withdrawing everything and will be encouraging everyone else to do likewise.

NapoleonInRags

Lando Griffin wrote: »

After reading this I am going straight down the Credit Union and withdrawing everything and will be encouraging everyone else to do likewise.

Why is that now?

steddyeddy

Valetta wrote: »

I don't give much credence to these types of surveys.

What is the sample size of people questioned?

Over what geographical area was the survey carried out?

Have they taken into account the probability of people naturally giving negative responses to these kind of surveys? Who ever answers "everything is fine and I have enough money left over", of which I am sure there are plenty.

Everyone loves to moan and will do at any given opportunity, regardless of the truth.

Another "everyone's fine, anyone who says they're struggling are probrably lieing" post. Why is hard to believe that austerity would make more people struggle. I thought it would be common sense?

Frank Black

The survey is most likely a load of bollocks.
Essentially you're depending on people being able to determine what parts of their current expenditure falls into the category of non-discretionary spending and then deduct this from what they are getting in from salary or whatever.
Then, if they're able to do this, you're depending on them giving an honest answer to the researcher as to this figure.
I have serious doubts as to both of these assumptions.

What really annoys me though, is that the media, through radio news bulletins, just report the results of these surveys as if they are completely and utterly factual.
No questioning of the data or nothing.

Boombastic

I have lost faith in these surveys, unless they specifically express what the essential spending is.

donegal_road

Valetta wrote: »

There's a budget every year, so a lot more than three to go.

Also, I would be fairly sure they will have budgets wherever you go.

fixed my post. I meant 3 more budgets where they have to make €3.1 billion in cuts each time.

They do have budgets where we are hoping to go, but its not the same fking circus that goes on here, with rumors and leaked documents in the weeks leading up to budget day.